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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Cash flow from operating activities        
Net income/(loss) $ (21,475) $ (5,067) $ (58,910) $ 14,115
Items included in net income not affecting cash flows 35,278 28,432 92,502 84,190
Depreciation 26,682 26,468 75,226 70,341
Impairment charges 3,500 0 3,500 7,487
Amortization of debt issuance costs 1,878 1,773 9,549 5,415
(Profit)/loss, sale of vessel 0 0 46 283
Fair value (gain)/loss on derivative financial instruments (486) (478) (1,031) (1,718)
Compensation related to options and restricted stock 304 904 2,264 4,047
(Gain)/loss purchase of convertible bond 3,589 0 3,589 (1,035)
Share of profit in associated companies (189) (235) (641) (630)
Income adjusted for non-cash items 13,803 23,365 33,592 98,305
Changes in operating assets and liabilities (18,169) (5,812) (7,926) (3,888)
Accounts receivable and accrued revenues (11,622) (701) (6,223) 3,259
Capitalized voyage expenses 1,157 0 474 0
Prepaid expenses (2,320) 298 (4,641) (194)
Accounts payable and accrued expenses (1,407) (2,966) 8,052 7,366
Deferred shipping revenues (1,352) 435 2 (1,325)
Bunkers, lube oils and consumables (2,650) (2,878) (5,577) (12,993)
Pension liability 24 0 (14) 0
Net cash provided by/(used in) operating activities (4,367) 17,553 25,666 94,418
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in vessels (5) (5,864) (1,714) (165,688)
Investment in vessels under construction (58,673) (9,372) (165,233) (115,285)
Sale of vessels 0 0 20,715 66,669
Investment in property, plant and equipment 1 (47) (84) (181)
Net cash used in investing activities (58,677) (15,282) (146,316) (214,485)
CASH FLOW FROM FINANCING ACTIVITIES        
Cash dividends paid (2,872) (2,847) (8,615) (20,481)
Issuance of long-term debt 50,742 (79) 522,732 200,457
Purchase of convertible bonds 0 0 0 (17,104)
Issuance of convertible bonds 39,346 0 39,346 0
Scheduled repayment of long-term debt (14,543) (16,801) (36,951) (40,184)
Repayment of long-term debt refinancing 0 0 (377,935) 0
Repayment of long-term debt, sale of vessels 0 0 (8,663) (25,367)
Net cash provided by/(used in) financing activities 72,673 (19,727) 129,915 97,321
Net increase/(decrease) in cash and cash equivalents 9,630 (17,456) 9,264 (22,747)
Cash and cash equivalents at beginning of period 76,927 104,005 77,292 109,295
Cash and cash equivalents at end of period 86,556 86,549 86,556 86,549
Specification of items included in operating activities:        
Interest paid 13,253 9,227 29,246 24,315
Interest received $ 73 $ 28 $ 224 $ 99